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Latest Insights

Social Media Compliance Overview

October 19, 2021

By: Jennifer DiValerio, Managing Director The financial services industry has seen a tremendous increase in social media as a marketing… Read More

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SEC Proposed Amendments to Form N-PX

October 12, 2021

Written by: Jim Chekos The SEC has announced Proposed Amendments to Form N-PX that would enhance the information mutual funds,… Read More

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October 6, 2021

Mississippi Sends IARs Back to School; IARD and CRD Renewal Season Starts; Regulators Provide Tips on Vendor Due Diligence, and… Read More

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A look at the next 12 months for private fund compliance

October 5, 2021

  By: Curtis Flippen, Senior Director, Foreside Every sector has been significantly impacted by the COVID-19 pandemic, and the private… Read More

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Money for Nothing Puts RIA in Dire Straits with the SEC

September 28, 2021

Written by:  Les Abromovitz In the Dire Straits song, Money for Nothing, a group of appliance movers express their envy… Read More

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Roll Up Your Sleeves: Advisors Using Performance Advertising Have a Heavy Lift Under New Marketing Rule

September 21, 2021

By Jaqueline M. Hummel, Managing Director Aside from trading errors, a primary source of gray hair for compliance officers is… Read More

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Know Your Third-Party Vendor

September 14, 2021

  Written by:  Jennifer DiValerio, Managing Director Outsourcing is not just about cost savings any longer.  Rather, it has become… Read More

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September 7, 2021

SEC Schools Advisors on Best Interest Obligations; “To Do” List for Fixed Income Principal and Cross Trades; Complex Product and… Read More

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Firms Held Accountable for Email Account Takeovers and Deficient Cybersecurity Procedures

September 7, 2021

  Written by:  Les Abromovitz, Senior Director On August 30, 2021, the SEC announced the resolution of enforcement actions against… Read More

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Unlike TV and Movies, RIAs Cannot Fix Compliance Problems in Post Production

August 31, 2021

Written by:  Les Abromovitz, Senior Director In an article in The New York Times on August 22, 2021, a physician… Read More

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Compliance Executives Outline Top Fund Challenges

August 26, 2021

  Written by:  Jennifer Hoopes, Senior Managing Director With the regulatory landscape for asset managers likely to change in the… Read More

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From ERA to RIA – An Overview of Compliance Requirements (Part 2)

August 24, 2021

Written by:  Adrian Ketri, Managing Director   The number of exempt reporting advisors (“ERAs”) continues to rise as the popularity… Read More

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Foreside and FINRA Advertising Regulation

August 17, 2021

  Written by: Meredith Henning, Managing Director Foreside partners with our clients to help deliver compliant marketing communications to institutional… Read More

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August 16, 2021

  New Definition of Qualified Client Takes Effect, FINRA Speaks on Best Execution, Margin Requirements and Private Placements and More… Read More

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Risk Alert: SEC Wraps Up Its Wrap Fee Initiative Examinations and Provides Guidance to RIAs

August 12, 2021

On 7/21/21, the SEC’s Division published a Risk Alert that discussed the deficiencies found most frequently by examiners.

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Sharing Revenue Can Give RIAs a Generous Share of Compliance Problems

August 10, 2021

  Written by Les Abromovitz, Senior Director Although it’s good to share, sharing revenue can cause compliance problems for a… Read More

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SEC Charges RIAs + Broker-Dealer Firms for Failure to File + Deliver Form CRS

August 6, 2021

  Written by Kirsten Beaudoin, Senior Director On July 26, the Securities and Exchange Commission (“SEC”) announced that 21 registered… Read More

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Risk Alert: Observations Regarding Fixed Income Principal and Cross Trades

August 5, 2021

On July 21, 2021, the SEC’s Division of Examinations (the “Division”) published a risk alert detailing observations from an examination initiative focused on investment advisors engaged in cross trades and/or principal trades involving fixed income securities (“FIX Initiative”).

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Regulatory Update – June 2021

July 30, 2021

DOL Weighs In With Cybersecurity Guidance, FINRA Issues Reminders on Options and Predispute Arbitration Agreements, NASAA Releases Annual State Advisers… Read More

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My Advisor is the GOAT!!! Seven Tips for Using Testimonials and Endorsements under the SEC’s New Marketing Rule

July 27, 2021

At long last, the SEC has relaxed its prohibition on testimonials in investment advisor advertisements. But before firms start enlisting clients, YouTubers, bloggers, and other social media influencers to promote their services, they need to understand the rules. Predictably, the SEC has imposed disclosures and due diligence obligations on investment advisors using endorsements and testimonials.

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Regulatory and Compliance Intersection of Investment Advisors to Small Business Investment Companies and Private Fund Advisors

July 20, 2021

Written by: Curtis Flippen, Foreside Investment Advisor Compliance Consulting Practice Background A Small Business Investment Company (“SBIC”) is a privately… Read More

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From ERA to RIA – An Overview of Compliance Requirements

July 12, 2021

Written by:  Adrian Ketri, Managing Director   This blog is the first in a series of blogs focused on the… Read More

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Less Than Full Disclosure to Clients + the SEC Leads to More Compliance Problems

July 8, 2021

Written by:  Les Abromovitz, Senior Director Through recent enforcement actions and testimony by SEC Chair, Gary Gensler, the Commission has… Read More

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Regulatory Update – July 2021

July 6, 2021

Hardin Joins Forces with Foreside Financial Group, New York Proposes CCO Liability Framework, Cybercriminals Pose as Regulators in Flurry of… Read More

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Active Semi-Transparent Exchange-Traded Funds: Your Questions Answered

June 30, 2021

Written by:  Daryn Levesque, Associate Director   What are traditional Exchange-Traded Funds (“ETFs”)? In traditional ETF models, the issuer publishes… Read More

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FINRA’s Enhanced Approach to Private Placements

June 23, 2021

  Effective May 21, 2021, FINRA revised the form (Filer Form) that members use to file offering documents per FINRA… Read More

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2021 Trends in ETFs – A View from the Helm

June 14, 2021

ETFs continue to garner increasing attention in the market from retail and institutional investors.  Well-established asset managers are entering the space as well as new sponsors, both introducing innovative product-lineups. U.S. ETFs experienced record growth in 2020, with net inflows reaching $506 billion for the year.  The pace of inflows has continued in 2021 with U.S. ETFs adding nearly $250 billion in the first quarter alone, increasing the total industry assets to $5.9 trillion.

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Robo’s No-No’s Lead to Compliance Woes

June 9, 2021

  Written by Les Abromovitz On June 3, 2021, the SEC settled an enforcement action against a now defunct robo-advisor that… Read More

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Exempt Reporting Advisors

June 9, 2021

Advisors relying on the Private Fund Adviser¹ or the Venture Capital Fund Adviser Exemption² (“ERA”), are exempt from registration but… Read More

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The New Marketing Rule and the Seven Prohibitions: Sneaky, Sloppy, Tricky, Shifty, Iffy, Flimsy, and Dicey

June 2, 2021

Written by:  Jacqueline Hummel, Senior Director Analyzing the SEC’s new Marketing Rule (Rule 206(4)-1, or the “New Rule”) is a… Read More

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Temporary Regulatory Relief

May 14, 2021

Since the onset of the Coronavirus pandemic, FINRA and the SEC have been quick to provide temporary regulatory relief that has proven instrumental in allowing firms to continue their operations and efficiently meet their regulatory obligations.

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Marketplace starts the year with the first successful mutual fund to ETF conversion

May 5, 2021

Marketplace starts the year with the first successful mutual fund to ETF conversion

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Form PF reminders for advisors to private funds and hedge funds

April 27, 2021

Why is Form PF important?

The SEC requires investment advisors that advise more than $150 million in private fund assets to annually file Form PF to facilitate the Financial Stability Oversight Council’s (“FSOC”) monitoring of systemic risk in the private fund industry and to assist FSOC in determining whether and how to deploy its regulatory tools with respect to nonbank financial companies.

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After The Flood

April 19, 2021

Bernie Madoff was arrested on 12/11/08. It is worth taking a moment to reflect on the impact his actions had on the regulation of the financial industry.

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Risk Alert: The Division of Examinations Review of ESG Investing

April 16, 2021

On April 9, 2021, the SEC Division of Examinations published a Risk Alert regarding its review of ESG investing. As investor demand has increased for investment products and services that incorporate environmental, social, and governance factors (“ESG”), the SEC has increased its focus on advisor practices related to ESG investing.

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Planning for the CFTC’s Revised Form CPO-PQR for Q1 2021

April 15, 2021

In December 2020, the Commodity Futures Trading Commission’s (“CFTC’s”) Form CPO-PQR was amended to eliminate certain reporting questions and schedules, as well as adopting minor changes to the Form’s layout and guidance sections.

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Foreside Offers Regulation A Filing Services

April 8, 2021

Regulation A is an exemption from registration for public offerings. There are two options available, each with its own distinct… Read More

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Regulatory Update – April 2021

April 5, 2021

  Regulatory Spring Cleaning! SEC Publishes Marketing Rule FAQ and 2021 Examination Priorities, and EXAMS Risk Alert Tackles Bitcoin and… Read More

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SEC’s 2021 Examination Priorities Address Climate and ESG-Related Risks

March 5, 2021

Although the Division has expressed concern about many of these risks before, the 2021 priorities have been influenced by the tumultuous events of the past year. These priorities have also been shaped by the new administration’s concerns regarding climate change and socially responsible investing.

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Risk Alert: The SEC continues to focus on Digital Asset Securities

March 2, 2021

On 2/26, the SEC’s Division of Examinations published a risk alert detailing observations from examinations related to the offer, sale, and trading of digital assets that are securities.

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FINRA Releases 2021 Report on Risk Monitoring + Examination Activities

February 8, 2021

New for 2021, FINRA has significantly improved upon its reporting of annual examination priorities and prior year findings by combining two of its long-standing annual reports into one reader-friendly format, providing a single compliance roadmap, online or as a downloadable PDF.

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DOL’s Final Rule on Investment Duties of ERISA Fiduciaries Becomes Effective

January 19, 2021

The Final Rule, which emphasizes the responsibility of fiduciaries to focus on economic factors when making investment recommendations, will have a significant impact on environmental, social and corporate governance (“ESG”) investing.

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Risk Alert: Does Your Firm Have Large Trader Filing Obligations?

January 14, 2021

The SEC recently published a risk alert detailing observations from IAs’ and BDs’ examinations relating to Large Trader Obligations.

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Regulatory Update: State Regulators Revisit Temporary Relief for Investment Advisor Registrants Affected by the COVID-19 Pandemic

January 6, 2021

Several states adopted measures granting temporary relief to investment advisor registrants affected by the COVID-19 outbreak.

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Regulatory Update: SEC Makes Dramatic Changes in Advertising and Solicitor Rules

December 23, 2020

On December 22, 2020, the SEC adopted a modernized Marketing Rule, which will govern advertisements by Registered Investment Advisors (“RIAs”) and payments to solicitors. The amendments created a single rule that replaces the current advertising and cash solicitation rules, Rule 206(4)-1 and Rule 206(4)-3, respectively, which have not been amended significantly in decades.

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Use of Derivatives by Registered Investment Companies and Business Development Companies

December 22, 2020

On 12/21/2020, the SEC’s new exemptive Rule 18f-4 and related amendments were published in the Federal Register.

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Regulatory Update: SEC and State Advisors with NY IARs Must Register Their Representatives in 2021

December 16, 2020

Effective 2/1/21, NY will require IARs to register via Form U4 and meet exam requirements unless they are qualified for an exam waiver.

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OCIE Director Stresses Importance of CCO Empowerment, Seniority and Authority

December 15, 2020

In his opening remarks, Peter Driscoll, Director of the SEC’s OCIE, gave advice to RIAs that will help them now and in years to come.

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First major guidance on valuation to fund boards since 1970

December 10, 2020

On December 3, 2020, the Securities and Exchange Commission announced the approval of new Rules 2a-5 and 31a-4 under the Investment Company Act of 1940.

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Best Practices for Remote Office Inspections

December 7, 2020

Given the ongoing uncertainties related to the pandemic, firms have been monitoring regulatory relief bulletins and notices for guidance related to certain compliance obligations, including onsite office inspection requirements.

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